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Swedish banking giant quits Baltics – says it's not worth the cost

Handelsbanken's office in Stockholm. Photo: Alexander Larsson Vierth/TT

Published: 16.May.2019 11:54 hrs

Swedish banking giant Handelsbanken is closing down its Baltic operations, but denied the decisionhad anything to do with recent money laundering scandals tied to two other Scandinavian banks.

Handelsbanken said on Thursday it was leaving the Baltics due to unsatisfactory performance.

"We have come to the conclusion that profitability is too low, while costs are too high. Despite efficiency-enhancing measures in the past few years, the operations in the three Baltic States have not shown satisfactory profits," Richard Johnson, head of Handelsbanken International, told AFP.

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